BORROW
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SFGTV
November 25, 2012 9:30pm-10:00pm PST on SFGTV

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Broadcast Summary

00:00
copy projector compared stanford institute hypothetical put low cal home pers jury risk civil grand clerk stick ahead saying return public report opposed members
00:30
risk negligible alternative traditional investments expectations 25 low 2012 poor york funds times found period levels pursued returns highest pension remained contrary portfolio investing
01:00
risk funds found investment conservative nevertheless low 100 high 2011 fund plans model titled tended upjohn policy public reason report change taking switch assume pension behavior managers pressure analysis policies institute investments
01:30
risk low economists investment n0v institutis supervisors jury high herd fund trend exist board funds found verify better public return easily higher fromibt perform showing pension studies policies referred respected portfolio mentality
02:00
confirm page policies jury position findings fund investing deny executive pension exist recommends stated low understand reports risk director couldn board
02:30
21 prop california successful university proposition hot may 1984 sends trust offers repeat report warning finally passage protect research threaten berkeley relations institute employees industrial
03:00
thank message pension supervisor california information need much fund plans public funded protect getting savings constant elsbernd exercise entitled invested vigilance employees
03:30
jury board answer finding pension findings thanks underfunding appear responses agree wanted presentation jean prior
04:00
jury billion finding complete returns remind retirement analysis investment actual board underfunding failure 66 notes reduced estimate fund future
04:30
board losses unprecedented financial responded conditions 09 thee 2008 staff asked result market answer theybj report reasons conduct several pension preceded advisers downturn analysis
05:00
1929 loss 1932 notably recognized severe part inevitable expected depression years occurred four continue economists events boom losses
05:30
asked 1973 downturn board requested explain paid extensive given description reports jury consultants own investigative merely 1987 failures 2001
06:00
funds losses policies acceptable responsible catastrophic high risk herd fund lost money facts bonds follow suffer answer public mostly others imitate managed pension followed invested mentality practices investment retirement
06:30
higher everybody warranted conducted protected catastrophic 09 and fund made 2008 happen market safety bubble assets losses returns failure prudent present natural disaster majority pursuing preserve analysis
07:00
structures earthquake consultant consultants allocations investigations risk fund flood depth review answer public others conduct neither steroid followed disaster discover thorough agencies survived destroyed regularly
07:30
bank staff earthquake consultants inadvisable nevertheless 2008 fund loss on09 comp board warned analogy retains consult advisers question possible hennessy builders following engineers investment architects
08:00
2009 interested independent told maintaining substantive relationship jury risk went party wrong third board order losses future served correct members consult changes reviewed business designed analysis determine destroyed structure important regarding structured
08:30
risk addressed terms reports entirely volatility taken needs allocations principal safety degree eliminate hedging order downside assumption instead attain
09:00
three finding increasing investments underfunding contributions due pay mind city jury fund must almost rushed rather suggest economy anybody usually elsbernd disagrees supervisor allocating
09:30
elsbernd supervisor rushed rather anyone committee disagrees need talking happy mind fact billion sorry land stake waited postpone 15 state thank
10:00
agree points elsbernd statement supervisor pension disagreement decrease fund response answer lot disagree payments waste 2015 may
10:30
finding agree hearing president elsbernd resolution people part investigated concerned chiu impartial move chairman supervisor voting board hoping
11:00
jury finding city since expenditures contributions ma rate fund deny 1999 agreed answer faster confirm neither pension growing agreeing services increases believeses controller understand
11:30
investment city risk health losses nevertheless deal show play part care fund staff board limit impact active refuse budget common matured insures insured penalize exercise property awareness sufficient influencing individuals
12:00
proposition took board calculated contribution recommendation high done city jury care task meet force level almost issues impact answer future actuary discuss account problems warranted recommends
12:30
board investment fiduciaries benefit reform astonished consult accountable statement refusal disappointed conduct policies others money program answer decisions fund essence
13:00
board parties independent transparent implications responsibility sure facts party power third hired making already experts outside conduct consult history informed authority decisions investment strategies leadership delegating abdicating comparisons
13:30
fund okay investment consultants comprising prioritizing past read paid sense staff field board party third found follow impact safety advice future experts current returns consult reports pension ignoring believes principle
14:00
jury risk legitimate acknowledge goal investments representatives read meet board alone budget return arenas taking primary elected low current capital seeking nearing discuss consider let aachieve refusing believes policies objective recommend city eliminate preserving investment
14:30
follows thank elsbernd afternoon prudence jury supervisor preserving nins forward else principles insist supervisors city capital grand priority board great jay
15:00
retirement jury civil board grand recommendations jay long brief staff thank place system public report behalf making remarks ignores service decades however standing decision prepared director policies executive francisco san employees practices disappointed
15:30
16:00
reports investment basis board quarterly consultant 09 ond saw done plan bank 2008 years three every daily chief public status markets engages monthly meeting officer downturn prepared financial custodial presented discussed throughout
16:30
report public discussion consultant 2011 alternative composition jury last civil basis three asset grand every access assume meeting engages details similar project studies consider reported modeling measured activity portfolio done liability presented describing
17:00
level talk quarterly benchmarks actuarially investments sure list side trust input watch total detail attend boards provide welcome telling manager reports everyone elsbernd advisers granular approved supervisor investment retirement
17:30
issues million benchmarks perspective asvi actuarially performance fund kind meet side 15 money least watch lists every manage put detail couple either talking manager hundred less quarter managers accounts elsbernd personnel discussed much absolutely supervisor considered
18:00
valuation assumptions evaluation requirement established preparation cpi done wage firm part hired system return brings actuary current forward economic practice industry analysis annually preparing economics situation consulting investment retirement
18:30
investment forth return brings recommendation actuarially ron tie puts firm used part board report actual actuary assumed forward correct elsbernd approved specific indicates discussed consulting supervisor retirement assumption evaluation considered consultant assumptions
19:00
elsbernd supervisor investments valuation absolutely actuarially jay okay hold keep none many side given ahead purely advise return waving comment nothing snapshot indicated performed
19:30
30 june retirement measurement performance contributions end five case plan given avoid board order policy always abrupt changes adopted however typical calendar employer industry smoothing basically typically investment
20:00
long investment comprehensive consideration fluctuationses recommendation rate five term gains board plans types period wouldn longer losses adopted satisfy standing employer majority dramatic policies recognize durations assumption disruptive recommendd actuarially contribution
20:30
performance investment participate risk actuarially extensively evaluations plan loss 2008 civil grand value policy public report actual process funding returns markets welcome ongoing 09 analyses reported analysis financial difficult focuseses jury resulting experience management
21:00
losses liabilities actuarially supervisors beneficiaries corresponding 09 sf los plan past 2008 point focus trust mayor three board known result markets unfunded increase downturn realized associated challenges electorate unrealized
21:30
city 2010 board stakeholder significantly collaboration let done save plan 2009 years mayor since office reform lients groups public future brought address pension 11 numerous included together extensive retirement discussion led increasing supervisors propositions
22:00
2011 2013 return assumption actuarially recommendation sf gap ben j3p long next plan july term years board phase second funding closing december decrease approved investment retirement approaches
22:30
pension industry newspaper retirement recognized actuarially 66 84 sf 100 top rate 2011 among board funds ahead curve keeps states return united assumed average brought millman decision recently reported investment
23:00
practice published investment retirement investments contribution 20 top let 100 rate 2011 mean since board itzcd third twoan saying return report assumed october pension happened
23:30
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20 board period retirement financial increased 09 6w 17 show rate long rier june toua term 2008 years return focusn actions periods assumed markets
24:30
thed2 recognize board prudently consider consulting ideas approaches manage understand fact decreasing people responses syst never
25:00
public california surrounding discussions constitution representing san sad far xja done else part hear task force group board anyone failed nature charter plenary happened response delegate decisions francisco authority succeeded retirement
25:30
arena difficult singularly assumptions participate administering line trust shown board bottom public paying assets decades markets invited everyone mandated benefits dedicated financial actuarial prudently decisions investing sometimes preserving retirement
26:00
rate years employer contribution programs alternative 60 70 ask pay 100 sort point aside chart front times raised looked comment benefit exceeded
26:30
contributions plan 2004 employees investments contribution fix city sort 1998 2007 fact bunk every either nature report behalf funded notion panacea however employer employee required indicates
27:00
proposition underlying obligation characterize contributions misrepresentation 11 10 add ays past whee fund plan mean right never period result happen future correct primary authors roughly elsbernd employer employee properly existence supervisor
27:30
event health retiree proposition contributions recommendations 11 10 sent plan went money trust happy lower level order retire happen answer pension provided actually focusing employer required questions obligation
28:00
office recommendations supervisor retirement controller responding jay fair that read mayor board thank system enough public intent wanted respond clearly satisfy meetings elsbernd policies position supported practices
28:30
put studies results someone requests francisco san jay mic cal pers much hour three staff forth huish small thanks system couple compare
29:00
staff familiar tons compiles pension verbally kind yes elsbernd nation basically types lot supervisor reform advocate study joe hope
29:30
portfolio positions obviously goes supervisor comparison composition sort risk years imply jay oneth three board sorry every exact try model stated return trying change actual find process prudent current forward studies elsbernd best actually weighing mentioned

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